Commonwealth Numbered Acts

WOOL INTERNATIONAL ACT 1993 No. 64 of 1993 - SECT 3

3. (1) The object of this Act is to foster the long-term profitability and
efficiency of the Australian wool industry by:

   (a)  providing for the disposal and management of the wool stockpile in a
        manner that will enhance the value of the asset represented by the
        stockpile; and

   (b)  adopting measures directed towards the progressive reduction, and
        eventual elimination, of the accumulated debt; and

   (c)  encouraging the development of new market mechanisms allowing more
        efficient distribution of risk in connection with the sale of wool;
        and

   (d)  encouraging improvement of the effectiveness and efficiency of wool
        marketing and related activities through the provision of enhanced
        services to the Australian wool industry.

(2) The object stated in subsection (1) is to be achieved by investing a body,
to be known as Wool International, with appropriate functions and powers and
by enabling the body to operate in as commercial a manner as possible.

(3) It is the intention of the Parliament:

   (a)  that, at an appropriate time, Wool International be converted into a
        public company limited by shares; and

   (b)  that, under further provision to be made by the Parliament, the
        company be privatised by the allocation of all shares to wool-tax
        payers who have contributed, through wool tax and voluntary
        contributions, to the cost of managing, and disposing of, the
        wool stockpile since 1 July 1993; and

   (c)  that the company be in a position to be privatised by 1 July 1997.